Editor’s Note
A 1943 Patek Philippe 1518 has set a new auction record for the model, selling for €15.2 million. This sale underscores the enduring and escalating value of exceptional vintage timepieces as both art and investment.
On November 9, the auction world witnessed an exceptional sale in the watchmaking sector: a 1943 Patek Philippe 1518 was sold for €15.2 million.
It is undoubtedly one of the rarest and most exclusive watches in the horological sphere. Sold in 2016 for €11.8 million, a record at the time for a wristwatch, the 1943 Patek Philippe 1518 has once again broken this historic feat. During a sale orchestrated by Phillips auction house in Switzerland on November 9, the model electrified the auction room. In less than nine minutes, this reference was acquired for €15.2 million, thus breaking its own record with a value increase of +28.8% in almost 10 years.
For now, the Patek Philippe Grandmaster Chime sold in 2019 remains the brand’s highest-valued watch at auction – $31 million six years ago, equivalent to nearly €27 million today.
On one hand, the collection launched by Patek Philippe in 1941 is of great rarity, with approximately 280 reference 1518 watches produced, most with a yellow gold case and a few other pieces in rose gold. The timepiece sold a few days ago is thus the first of a series of four examples in stainless steel, reflecting its status as a mythical and historical object.
For the auctioneers present at the event, this 1518 watch represents this convergence and allows a connoisseur to have that feeling.
This sale illustrates the undiminished enthusiasm for exceptional watchmaking, a sector reserved for a handful of collectors that remains unaffected by crises. Appreciated for their beauty and the historical heritage they represent, these timepieces are also perceived as a durable investment over time, akin to a painting in the art world.
Last year, the annual total auction sales of Phillips Watches (41% market share in this sector) exceeded $212 million.
the company explained in a report published at the end of 2024. However, overall watch auctions experienced a significant slowdown in 2023, with acquisitions falling by -13% to $696 million according to a Hammertrack study published by Mercury Project. This decline was notably due to the frenzy around this segment during Covid-19.
